DUBAI, UAE, 10 July 2024: Trueventus has announced the third edition of its flagship event, Modular Construction & Prefabrication Summit, scheduled for October 9-10 in Dubai. Making the announcement through a Press Release, Trueventus said the summit will feature presentations from stakeholders on the latest techniques and technologies in modern construction. The summit will offer methods to streamline workflows, improve productivity and generate substantial profit, Trueventus claimed.

Amid the push towards innovation and sustainability within the UAE construction sector, modular building solutions provide an efficient way to complete projects of all sizes while reducing costs and accelerating build times, the organisers said. This makes modular construction a logical choice for developers looking to create attractive yet affordable structures, be it for housing, infrastructure or commercial developments, they said. According to International Business Magazine, UAE is the fifth largest economy in the Middle East, and the modular construction industry is poised for a CAGR of eight per cent, projecting to reach approximately USD 278 billion by 2030, Trueventus said.

In a major step towards embracing modular construction in the Emirates, the Dubai Municipality granted LINQ a license to build custom modular G+6 units, Trueventus said. This was in a bid to make Dubai one of the world’s most advanced and sustainable cities, Trueventus added. In favour of sustainable materials, concrete was not used in the building of these units, with the production process resulting in 90% less wastage and, in turn, generating massive cost savings, Trueventus said. LinQ intends to manufacture these units at its 300,000-square-foot facility, which would produce 1,900 modules a year, Trueventus said. Given its effectiveness, modular construction has a y-o-y increase of six per cent and also contributes to the 20% y-o-y growth of the construction industry, Trueventus said. Saudi-based Red Sea Housing has allocated USD 530 million to further develop and enhance company activities, which aims to provide housing solutions in areas with oil, gas, and mining excavation activities, Trueventus added.

Al Jalila, in Dubai has invested nearly AED 1.1 billion to build the first modular constructed hospital in the MENA region, which would provide state-of-the-art cancer care, Trueventus said.

Trueventus noted that Emirates Nuclear Energy Corporation (ENEC) has signed an MoU with GE Hitachi related to small modular reactors at the 28th Conference of the Parties to the original 1992 United Nations Framework Convention on Climate Change (COP28) in Dubai. The accompanying statement on the MoU, Trueventus said, resonates with this ambition. It is anticipated to create a tidal wave of USD 100 billion in investments dedicated to catalysing clean energy and decarbonisation projects, Trueventus said. The versatility of modular construction, Trueventus said, can no longer be ignored, given the major players in the industry that are transitioning to or further enhancing their modularisation efforts.